How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices
April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical e...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
1999
|
| Schlagworte: | |
| Online-Zugang: | DE-12 DE-521 DE-523 DE-573 DE-Re13 URL des Erstveröffentlichers |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
MARC
| LEADER | 00000nam a22000001c 4500 | ||
|---|---|---|---|
| 001 | BV049076265 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 230731s1999 xxu o|||| 00||| eng d | ||
| 035 | |a (ZDB-1-WBA)093209134 | ||
| 035 | |a (OCoLC)1392139351 | ||
| 035 | |a (DE-599)GBVNLM005445280 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 | ||
| 100 | 1 | |a Min, G. Hong |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices |c Min, G. Hong |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 1999 | |
| 300 | |a 1 Online-Ressource (40 Seiten)) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 520 | 3 | |a April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical evidence of the relationship between financial structure and financial crisis sheds light on the relationship between asset price volatility - extreme variations in prices - and financial structure. And the volatility of financial and nonfinancial asset prices provides an indirect link between an economy's financial structure and the likelihood of financial crisis. Using time-series data and a set of indicators measuring financial structure, Min and Park examine how Korea's financial structure affects the volatility of the real effective exchange rate, the money market rate, government bond yields, and stock prices. | |
| 520 | 3 | |a They find: · There is a stable long-term relationship between financial structure and volatility in the real effective exchange rate, the money market rate, stock prices, and the yield on government housing bonds. · Financial structure affects asset price variables asymmetrically. Some variables' volatility increases and others' diminish, suggesting that monetary policies should target different asset markets to achieve different goals. If the goal of the monetary authority is to stabilize the money market rate, for example, intervening in the banking sector is more efficient than intervening in other financial subsectors. · The higher volatility of stock prices reflects the thin stock market in Korea. · The stability of the yield on government housing bonds reflects the Korean government's policy of stabilizing the nation's housing supply by isolating the housing market from the impact of Korea's financial structure. | |
| 520 | 3 | |a · Restrictions on foreigners' ownership of domestic stock in Korea during the period analyzed, and the fact that most capital flows through commercial banks, affect the exchange rate, which is determined (at least in the short run) by capital flows in the foreign exchange market. This paper - a product of the Macroeconomic Data Team, Development Data Group - is part of a larger effort in the group to understand the financial structure of developing countries based on empirical data. The authors may be contacted at hmin56@aol.com or jpark@worldbank.org | |
| 533 | |a Online-Ausg | ||
| 650 | 4 | |a Asset Prices | |
| 650 | 4 | |a Banking Sector | |
| 650 | 4 | |a Banks and Banking Reform | |
| 650 | 4 | |a Capital Flows | |
| 650 | 4 | |a Currencies and Exchange Rates | |
| 650 | 4 | |a Currency | |
| 650 | 4 | |a Currency Crises | |
| 650 | 4 | |a Debt Markets | |
| 650 | 4 | |a Emerging Markets | |
| 650 | 4 | |a Exchange | |
| 650 | 4 | |a Exchange Rate | |
| 650 | 4 | |a Finance | |
| 650 | 4 | |a Finance and Financial Sector Development | |
| 650 | 4 | |a Financial Crisis | |
| 650 | 4 | |a Financial Institutions | |
| 650 | 4 | |a Financial Literacy | |
| 650 | 4 | |a Financial Structure | |
| 650 | 4 | |a Financial System | |
| 650 | 4 | |a Government Bond | |
| 650 | 4 | |a Government Bond Yield | |
| 650 | 4 | |a Macroeconomics and Economic Growth | |
| 650 | 4 | |a Market | |
| 650 | 4 | |a Markets and Market Access | |
| 650 | 4 | |a Monetary Authority | |
| 650 | 4 | |a Monetary Policies | |
| 650 | 4 | |a Money Market | |
| 650 | 4 | |a Money Market Rate | |
| 650 | 4 | |a Private Sector Development | |
| 650 | 4 | |a Stock | |
| 700 | 1 | |a Min, G. Hong |e Sonstige |4 oth | |
| 700 | 1 | |a Park, Jong-goo |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Min, G. Hong |a How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-034338156 | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |l DE-12 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |l DE-521 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |l DE-523 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |l DE-573 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |l DE-Re13 |p ZDB-1-WBA |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1819314773282521088 |
|---|---|
| any_adam_object | |
| author | Min, G. Hong |
| author_facet | Min, G. Hong |
| author_role | aut |
| author_sort | Min, G. Hong |
| author_variant | g h m gh ghm |
| building | Verbundindex |
| bvnumber | BV049076265 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)093209134 (OCoLC)1392139351 (DE-599)GBVNLM005445280 |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>05316nam a22007811c 4500</leader><controlfield tag="001">BV049076265</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">230731s1999 xxu o|||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)093209134</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1392139351</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005445280</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Min, G. Hong</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices</subfield><subfield code="c">Min, G. Hong</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">1999</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (40 Seiten))</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical evidence of the relationship between financial structure and financial crisis sheds light on the relationship between asset price volatility - extreme variations in prices - and financial structure. And the volatility of financial and nonfinancial asset prices provides an indirect link between an economy's financial structure and the likelihood of financial crisis. Using time-series data and a set of indicators measuring financial structure, Min and Park examine how Korea's financial structure affects the volatility of the real effective exchange rate, the money market rate, government bond yields, and stock prices. </subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">They find: · There is a stable long-term relationship between financial structure and volatility in the real effective exchange rate, the money market rate, stock prices, and the yield on government housing bonds. · Financial structure affects asset price variables asymmetrically. Some variables' volatility increases and others' diminish, suggesting that monetary policies should target different asset markets to achieve different goals. If the goal of the monetary authority is to stabilize the money market rate, for example, intervening in the banking sector is more efficient than intervening in other financial subsectors. · The higher volatility of stock prices reflects the thin stock market in Korea. · The stability of the yield on government housing bonds reflects the Korean government's policy of stabilizing the nation's housing supply by isolating the housing market from the impact of Korea's financial structure. </subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">· Restrictions on foreigners' ownership of domestic stock in Korea during the period analyzed, and the fact that most capital flows through commercial banks, affect the exchange rate, which is determined (at least in the short run) by capital flows in the foreign exchange market. This paper - a product of the Macroeconomic Data Team, Development Data Group - is part of a larger effort in the group to understand the financial structure of developing countries based on empirical data. The authors may be contacted at hmin56@aol.com or jpark@worldbank.org</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Asset Prices</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Banking Sector</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Banks and Banking Reform</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Capital Flows</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Currencies and Exchange Rates</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Currency</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Currency Crises</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Debt Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Emerging Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Exchange</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Exchange Rate</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Financial Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Crisis</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Institutions</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Literacy</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Structure</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial System</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Government Bond</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Government Bond Yield</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Macroeconomics and Economic Growth</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Market</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Markets and Market Access</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Monetary Authority</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Monetary Policies</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Money Market</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Money Market Rate</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Private Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Stock</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Min, G. Hong</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Park, Jong-goo</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Min, G. Hong</subfield><subfield code="a">How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034338156</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327</subfield><subfield code="l">DE-12</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327</subfield><subfield code="l">DE-521</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327</subfield><subfield code="l">DE-523</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327</subfield><subfield code="l">DE-573</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327</subfield><subfield code="l">DE-Re13</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV049076265 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-24T09:49:32Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034338156 |
| oclc_num | 1392139351 |
| open_access_boolean | |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| physical | 1 Online-Ressource (40 Seiten)) |
| psigel | ZDB-1-WBA |
| publishDate | 1999 |
| publishDateSearch | 1999 |
| publishDateSort | 1999 |
| publisher | The World Bank |
| record_format | marc |
| spelling | Min, G. Hong Verfasser aut How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices Min, G. Hong Washington, D.C The World Bank 1999 1 Online-Ressource (40 Seiten)) txt rdacontent c rdamedia cr rdacarrier April 2000 - How Korea's financial structure affects the volatility of Korea's real effective exchange rate, money market rate, government bond yields, and stock prices. Min and Park explore how Korea's financial structure affects the volatility of asset prices. Documented empirical evidence of the relationship between financial structure and financial crisis sheds light on the relationship between asset price volatility - extreme variations in prices - and financial structure. And the volatility of financial and nonfinancial asset prices provides an indirect link between an economy's financial structure and the likelihood of financial crisis. Using time-series data and a set of indicators measuring financial structure, Min and Park examine how Korea's financial structure affects the volatility of the real effective exchange rate, the money market rate, government bond yields, and stock prices. They find: · There is a stable long-term relationship between financial structure and volatility in the real effective exchange rate, the money market rate, stock prices, and the yield on government housing bonds. · Financial structure affects asset price variables asymmetrically. Some variables' volatility increases and others' diminish, suggesting that monetary policies should target different asset markets to achieve different goals. If the goal of the monetary authority is to stabilize the money market rate, for example, intervening in the banking sector is more efficient than intervening in other financial subsectors. · The higher volatility of stock prices reflects the thin stock market in Korea. · The stability of the yield on government housing bonds reflects the Korean government's policy of stabilizing the nation's housing supply by isolating the housing market from the impact of Korea's financial structure. · Restrictions on foreigners' ownership of domestic stock in Korea during the period analyzed, and the fact that most capital flows through commercial banks, affect the exchange rate, which is determined (at least in the short run) by capital flows in the foreign exchange market. This paper - a product of the Macroeconomic Data Team, Development Data Group - is part of a larger effort in the group to understand the financial structure of developing countries based on empirical data. The authors may be contacted at hmin56@aol.com or jpark@worldbank.org Online-Ausg Asset Prices Banking Sector Banks and Banking Reform Capital Flows Currencies and Exchange Rates Currency Currency Crises Debt Markets Emerging Markets Exchange Exchange Rate Finance Finance and Financial Sector Development Financial Crisis Financial Institutions Financial Literacy Financial Structure Financial System Government Bond Government Bond Yield Macroeconomics and Economic Growth Market Markets and Market Access Monetary Authority Monetary Policies Money Market Money Market Rate Private Sector Development Stock Min, G. Hong Sonstige oth Park, Jong-goo Sonstige oth Min, G. Hong How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Min, G. Hong How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices Asset Prices Banking Sector Banks and Banking Reform Capital Flows Currencies and Exchange Rates Currency Currency Crises Debt Markets Emerging Markets Exchange Exchange Rate Finance Finance and Financial Sector Development Financial Crisis Financial Institutions Financial Literacy Financial Structure Financial System Government Bond Government Bond Yield Macroeconomics and Economic Growth Market Markets and Market Access Monetary Authority Monetary Policies Money Market Money Market Rate Private Sector Development Stock |
| title | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices |
| title_auth | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices |
| title_exact_search | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices |
| title_full | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices Min, G. Hong |
| title_fullStr | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices Min, G. Hong |
| title_full_unstemmed | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices Min, G. Hong |
| title_short | How the Republic of Korea's Financial Structure Affects the Volatility of Four Asset Prices |
| title_sort | how the republic of korea s financial structure affects the volatility of four asset prices |
| topic | Asset Prices Banking Sector Banks and Banking Reform Capital Flows Currencies and Exchange Rates Currency Currency Crises Debt Markets Emerging Markets Exchange Exchange Rate Finance Finance and Financial Sector Development Financial Crisis Financial Institutions Financial Literacy Financial Structure Financial System Government Bond Government Bond Yield Macroeconomics and Economic Growth Market Markets and Market Access Monetary Authority Monetary Policies Money Market Money Market Rate Private Sector Development Stock |
| topic_facet | Asset Prices Banking Sector Banks and Banking Reform Capital Flows Currencies and Exchange Rates Currency Currency Crises Debt Markets Emerging Markets Exchange Exchange Rate Finance Finance and Financial Sector Development Financial Crisis Financial Institutions Financial Literacy Financial Structure Financial System Government Bond Government Bond Yield Macroeconomics and Economic Growth Market Markets and Market Access Monetary Authority Monetary Policies Money Market Money Market Rate Private Sector Development Stock |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2327 |
| work_keys_str_mv | AT minghong howtherepublicofkoreasfinancialstructureaffectsthevolatilityoffourassetprices AT parkjonggoo howtherepublicofkoreasfinancialstructureaffectsthevolatilityoffourassetprices |